How Are Hoteliers’ Needs Changing in the Age of Artificial Intelligence?
Business Intelligence tools, Advanced Analytics, and Machine Learning mechanisms are now at the service of hotels and accommodation facilities with the goal of maximizing revenue. Containing costs, optimizing resources, and increasing revenues are some of the objectives achievable through the intelligent use of Big Data.
The COVID-19 pandemic highlighted how only the most resilient companies capable of responding to unforeseen events were able to overcome such challenges, even turning them into competitive advantages by reinventing themselves and developing new solutions. Here’s how.
The Importance of Data for the Hospitality Industry
Whether you’re the owner of an accommodation facility, a Revenue Manager, or a Data Manager, you are well aware of how crucial data is for effective business management, increasing sales, and boosting revenue.
An important aspect is the speed and accuracy of information. Today, the market is filled with PMS, management systems, revenue software, and tools designed to meet the needs of hoteliers and hotel chain managers. The most common limitations of these applications include:
- Accessing retrospective data for reporting purposes, meaning obtaining data on what has happened in terms of billing, costs, occupancy, average revenue, etc., without enriching this data with additional meaningful information explaining why a certain situation occurred and how to act in the future.
- The inability to perform real-time predictive analysis: how to adopt the best pricing strategy based on future market conditions, whether forecasted or predictable?
- Obtaining enriched and integrated information requires numerous intermediate steps outside the software itself, meaning more time with a higher risk of errors.
- Outdated output systems based on Excel sheets.
- The inability to evaluate new market or strategic scenarios.
Analyzing data in the hospitality industry is therefore a matter of quality, not quantity: collected data must provide useful information to guide the business in a specific direction according to established goals.
Business Intelligence at the Service of Hoteliers
Business Intelligence (BI) is the tool that allows for accurate and efficient data collection, integration with information from other sources, and obtaining valuable insights through easy-to-read and quickly interpretable dashboards.
In short, BI enables various players in the hospitality industry to gain fundamental insights into their properties and direct strategic decisions both in the short and long term.
The questions that Business Intelligence & Business Analytics for Hospitality can answer are complex:
- What are the problems slowing down your business?
- What could optimize and streamline your internal procedures?
- What strategic choices will allow your property to achieve revenue goals?
- What actions will enhance customer satisfaction?
The answers to these questions cannot be found in a simple reading of standard indicators and KPIs typical of the hospitality industry. They require enriched information to obtain more “intelligent” insights, the adoption of predictive (and prescriptive) models, and the ability to process information in real time.
Why Choose BI Solutions Dedicated to the Hospitality Industry
Implementing BI solutions dedicated to the hospitality sector is the crucial element that will differentiate those companies able to dominate the market and adapt to events from those that are destined to fall behind.
Integrating BI & Analytics systems allows you to:
- Dedicate valuable and skilled resources to analyzing business performance rather than just collecting and producing analysis reports.
- Use effective tools that enable sharing and collaboration within the company for a collaborative and data-driven approach.
- Have an integrated view of various data sources to monitor business indicators (more significant than a fragmented view).
- Implement corrective and improvement actions in a timely manner.
Blue BI Solution for Hospitality
Blue BI has developed a custom Business Intelligence & Analytics solution for hotels: BBI x Hospitality.
BBI x Hospitality is an integrated and customizable system for analyzing hospitality-specific business indicators, providing property owners with a comprehensive view to continuously monitor current conditions, forecast future business, and implement the best market development strategies.
In detail, it allows you to:
- Monitor average rates, room occupancy, and booking trends in real time for timely interventions and adjustments.
- Conduct customized and comparative analyses to evaluate the current situation against past data.
- Quickly adapt marketing and sales strategies to minimize negative effects.
The benefits are numerous:
- Planning and analysis of the hospitality sector, both in-house and in the market.
- Competitor analysis for better positioning.
- Forecasting tourist flows.
Business Analytics Dashboards for Hotels
With BBI x Hospitality‘s analysis dashboards, you can examine various types of data and obtain valuable insights such as:
- Tourist flows: for example, identifying the PEAK PERIOD OF VISITORS.
- Rooms: for example, determining the MOST REQUESTED ROOM TYPE.
- Financial returns: for example, analyzing REVENUE BY CHANNEL TYPE (agency).
- Geography: for example, understanding CLIENT ORIGIN.
- Customers: for example, identifying the PEAK PERIOD OF VISITORS.
This allows for simultaneous observation of nights, related revenue, average rate, and the correlation between revenue by room type and rate. This is a valuable tool for analyzing trends, selecting strategies, and preparing targeted offers.
Technological BI Benchmark: Ready-to-Market Solutions
The success of a BI project depends on the “time” factor. That’s why Blue BI offers its expertise in the hospitality sector to address all concerns related to adopting Business Intelligence technologies:
- What to expect from different technologies?
- What are the main issues to address in terms of operational efficiency, facility management, and customer preferences?
- How to choose the right BI partner?
- What added value can Business Intelligence bring to your property?
BBI x Hospitality is the dedicated solution, ready to be implemented in your facility with guaranteed timing: your data will become the key to making correct decisions, optimizing your business, and comparing your property with competitors using specific KPIs.
We realize Business Intelligence & Advanced Analytics solutions to transform simple data into information of freat strategic value.
